Wealth Manager Canaccord: ICOs Could Become Commonplace
Initial coin offerings (ICOs) could one day come to be seen as similar to inital public offerings (IPOs), according to a new report.

Initial coin offerings (ICOs) could one day come to be seen as similar to initial public offerings (IPOs), according to a new report from financial services firm Canaccord Genuity.
Canaccord's fourth-quarter "Crypto Quarterly," published on Nov. 14, provides a broad overview of the cryptocurrency space, the highest-capitalized coins and the trends expected to shape the ecosystem in the months ahead.
On the subject of token sales – or offers of custom cryptocurrencies used to bootstrap new blockchain networks – the company, which reported more than $54 billion in assets under management earlier this month, said that today's comparatively high-risk environment could become more normalized within the next 20 years.
That is, of course, if the overall cryptocurrency market becomes more ubiquitous and major players from the current financial services sector become involved.
Canaccord's analysts wrote:
"If, over the next [one to two] decades, the coin market evolves to a more mature state such that one day most coins are attached to well-established companies and trade with sufficient liquidity so as to reduce risk, we believe the gap between ICOs and IPOs will look fairly small. We are obviously not there yet, so in our opinion, while ICOs may hold a great deal of promise, they have to be viewed as extremely risky."
Whether that process plays out remains to be seen, but recent data from CoinDesk's ICO Tracker details the interest thus far around the blockchain funding model.
In September, for example, nearly $490 million was raised through ICOs, with the all-time cumulative amount collected coming in at more than $3.3 billion to date.
Business man looking at graphs image via Shutterstock
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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